ETH, Ethereum Network’s native token, reached the $3k milestone on May 2nd, after a week of reaching new all-time highs. In addition to a jump in prices, ETH has been the subject of interest by institutional and private investors.
The second-largest cryptocurrency by market capitalization has experienced gains in the value of 37% over the last 7 days , which reflects the recovery the coin experienced after falling as low as $2.1k during the last week of April amid the crypto market crash.
At press time, ETH has set an all-time high of $3,058 which is likely to be surpassed if the trend observed during the last week continues, which had Decentralized Finance (DeFi) platforms running on the Ethereum network as its major driver.
With a market capitalization of over $350 billion, Ethereum has continued to experience incredible growth over the past year despite the increased congestion and gas prices it experienced ever since the DeFi Summer of 2020, gaining more than 1300% in value.
While some developers and projects have moved to other networks that promise to provide greater stability, performance, and reduced fees, the current upgrade process to Ethereum 2.0 has allowed the Ethereum Network to continue its reign over the blockchain ecosystem under the promise of a better future once the upgrade is deployed.
European Investment Bank Sold Digital Bonds On Ethereum
According to Bloomberg, the European Investment Bank (EIB) partnered with Goldman Sachs, Societe Generale, and Banco Santander, some of the most important financial institutions in the world, to sell over €100 million worth of bonds on the Ethereum Network.
The move by the European Union’s investment bank took place during the last week of April and had a noticeable impact on the performance of the network’s cryptocurrency, marking the rally that resulted in the reach of the $3k mark.
The decision by the lending arm of the European Union and the other financial institutions that participated in the…